EVs selling ‘off the boat’ before they even arrive in NZ

Electric cars are being sold before they even reach New Zealand shores, as demand for EVs surges on the back of rapidly rising fuel prices.

Dealers told 1News some cars are now effectively “sold off the boat”, with buyers locking in purchases before vehicles arrive in the country.

Latest figures from the Ministry of Transport confirmed the scale of the trend - new and New Zealand-new registrations of electric and plug-in hybrid vehicles hit 1033 in the week ending March 22, compared to just 225 in the same week last year.

That's the strongest weekly result since the Clean Car Discount ended at the start of 2024 - with EVs and hybrids making up one in five new registrations.

One EV buyer, Phillip Smith, told 1News he hadn’t planned on buying a car when he stopped by a dealership but says he quickly changed his mind.

“I simply was driving past, saw them advertising EVs, drove in, bought it just like that,” he said.

With petrol prices climbing, Smith said he didn’t want to delay the decision.

“I just didn’t want to be slow at making the right decision for the security of getting where we need to go.”

Dealers say that kind of urgency is becoming more common with the pace of sales has accelerated sharply in recent days.

That surge is now hitting supply.

Dealers say vehicles on the showroom floor are already sold with many from the next shipment also secured before they arrive in the country.

Geary Sutjahjo, an EV specialist at GVI Kiwi, said: “We’ve sent two of our buyers to Japan. We’re trying to get them in as quick as possible for everyone.”

Staff say enquiry levels are now around five times higher than usual with most customers walking in either ready to buy or actively searching for an electric vehicle.

“Enquiry on EVs is exponential," Sutjahjo said, with buyers increasingly arriving ready to purchase.

“They’ve done their research and they basically just pick out the car.”

Other dealers told 1News they’re seeing similar trends, with stock moving faster than it can be replaced.

Kia General Manager Tim Owen said there was only one EV left on the floor, with customers also largely buying from their next shipment. "The question from customers is, what EVs do you have?"

One customer, Richard Hanson, arriving to pick up his new EV - one of the last on the lot - said: "We brought forward the decision because of what's happening worldwide.

"We've gone from rolling up to the petrol pump for $400 to Charging our EV at home for free."

The surge isn’t just being felt on car lots, banks say they’re seeing it too.

Westpac said EV loan applications have roughly doubled in the past two weeks.

BNZ says interest in its green lending products has also jumped, with views of its “Better Future” home loan top-up offer up 66% compared to a month ago.

Around half of those top-ups are currently being used for electric and hybrid vehicle purchases.

The bank also reported a rise in business lending, with 50% more green loans drawn down in March compared to the monthly average earlier in the financial year - although it says it’s too early to directly link that increase to global events.

ANZ says it has seen a slight increase in customer enquiries in recent weeks for its Good Energy Home Loan, which can be used for electric vehicles, chargers and home upgrades.

The bank says more than 21,000 households have used the loan since its launch in 2022, with more than $850 million in lending drawn down.

For those unable to secure an electric car, some commuters are turning to alternatives including e-bikes.

Retailers say demand there is also surging.

“It’s been really busy here. It’s feeling like Covid all over again,” said Maurice Wells from Electric Bike Team.

Johannes Jacobs is one of many Aucklanders making the switch.

“I’m buying the bike because I think, I’m sick and tired of sitting in traffic in Auckland.”

He now commutes from Hobsonville into the city by e-bike and says the savings quickly add up.

“For me, it’s $25 a day. You extrapolate that out over a year, a month, a week - it’s a lot of money.”

It’s a change he says he’s already enjoying.

“I go past three petrol stations and have a smile on my face… knowing I’m not the one having to pay those costs.”